Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, announced today that Cushman & Wakefield Asset Management K.K. has agreed to acquire, through a Special Purpose Company, a site for the development of a large-scale logistics facility of approx. 110,000 square meters in Sakai City, Ibaraki Prefecture in Japan.
The site with land area of approx. 50,000 square meters will be developed into a multi-tenant logistics facility with a single rampway. This project, which is tentatively named "LF Sakai-Koga Project", is targeted for completion in 2024. Sakai City is easily accessible via Sakai-Koga Exit on the Metropolitan Inter-City Expressway (hereinafter "Ken-O Expressway") and the New Route 4 National Highway, which connects the Tokyo metropolitan area to the North Kanto region. The North Kanto region is home to a large manufacturing base including a wide variety of industries, and this development will supply an advanced logistics facility to respond to their demands.
Focus on Sustainability
The development of the logistics facility will have a strong sustainability focus, with the aim of achieving the CASBEE (Comprehensive Assessment System for Built Environment Efficiency) A Rank, BELS (Building-Housing Energy-efficiency Labelling System) 5-Star, and ZEB (Net Zero Energy Building) Ready certifications. LF Sakai-Koga will be an embodiment of sustainability in commercial real estate and include the installation of solar power generation equipment on the roof.
Yoshiyuki Tanaka, Senior Executive Director, Capital Markets, Cushman & Wakefield Asset Management said, “I am delighted to have the opportunity to develop our second logistics facility in Ibaraki Prefecture. Sakai City has easy access to the Kanto region and eastern Japan via the Ken-O Expressway and the new Route 4 National Highway and is expected to become a distribution hub in the future. The development of quality logistics facilities in this area reinforces our efforts to contribute positively to job creation and economic development in the region.”
Cushman & Wakefield’s Logistics Facilities
The "LF" series, which stands for Logistics Facility, is the branded logistics facilities managed by Cushman & Wakefield in Japan. From value-added existing facilities to brand-new developments, the LF portfolio consistently provides high-quality infrastructure to support the Japanese logistics industry.
Facility Name: LF Sakai-Koga (tentative)
Location: Sakai City, Ibaraki
Land Area: Approx. 50,000 sq m
Gross Floor Area: Approx. 110,000 sq m (planned)
Structure: Steel-framed, 4 stories above ground (planned)
Commencement: 2023 (planned)
Completion: 2024 (planned)
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow@CushWake on Twitter.
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